Ladbrokes head back to Gibraltar

No surprise here, if Hills decided to go, it was 1.03 that Ladbrokes would go too, despite the Magic Sign running a big 'Bet British' campaign within the last 12 months. The website only made £55m last year so they have to run off to Gibraltar and dodge tax and levy.

I can't see myself ever working for a big company again, I'm too much of an idealist. If you've read my blog for a while, you'll be aware I'm currently studying an MBA. Corporate greed really shits me. If this was a case of remaining viable, then fair enough but it has nothing to do with it. Hills and Ladbrokes are deserting the UK for, in the words of that Nationwide ad, 'have more bubbly for the shareholders'.

Labels

Comments

You seem to be falling into the trap of that stupid advert - demonising 'shareholders' as something evil.

They are the owners of the business, they entitled to have the business do what is best for them!

Yes, as a cusomer you have a right to walk away, and as a comentator you have a right to pass comment, but please stop this ridicouls 'shareholders' nonsese as if it is some birth priveledge we are talking about. You wouldn't talk about a business owner like that, but when you apply the 'shareholder' label it seems ok?

What have they done? - They have moved their business to elsewhere (within the EU) for financial reasons. This has been going on for years, look at the number of businessses that relocated from the UK to Ireland, or the car plants and other manufacturing that moved from the UK to eastern europe.

We have a choice, we either demand a level playing field, which is fare for the countries. Or we allow an internal market competion wihtin the EU - which is better for the consumer.

It is a balancing act. Sadly what keeps the balance working is the movement of compaies as it triggers reviews and rebalaning.

You mean there is something in Gibraltar besides the betting industry?

I make no bones about hating corporate greed and their lack of business ethics. The greed of bankers and their 'duty to shareholders' is why the world economy is so utterly screwed. These firms are making more than healthy profits, so it has nothing to do with viability like a manufacturing firm. They are just doing it to avoid tax and levy. Often in these cases, if the people who made the decisions were actually the ones who owned the business, their decisions would be different. Richard Branson talks about when he floated Virgin as it being one of the worst decisions he ever made, and having to buy it back for peace of mind.

Racing exists for bookmakers and punters, and in the UK, we have a sport/product which is poorly funded already. The shareholders excuse sinks the boot in even further. The government will have to do something, but I can't see it being for the better of the racing industry.

Like I said, I'm an idealist. It mightn't sit well with city boys but it allows me to sleep soundly at night.

Post a Comment

Popular posts from this blog

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

What a week it has been on the Knavesmire, some impressive juveniles to keep on the note book especially Tasleet of William Haggas's and Wesley Ward's Acapulco who impressed me taking on older horses, but even though with the 29lb allowance he could not over come proven Group 3 winning sprinter Mecca's Angel.

Mark Johnston has not improved on his six percent average here at York and I have reservations that it is going to improve with Buratino or Ode the Evening. The Listed Woodcote Stakes and Group 3 Coven…

When the term 'Ponzi scheme' is mentioned these days, the names Bernard Madoff and Allen Stanford instantly spring to mind. The pair of them ran multi-billion dollar frauds (US$60bn and $8bn respectively) that destroyed the lives of thousands of investors who had put their life savings into a 'wonderful' investment strategy. How so many people were sucked into the scheme is baffling to those on the outside. The lifestyle, the sales pitch, the success stories of the early investors - I suppose it all adds up.

So where does this link to racing you ask? A prominent Australian 'racing identity' this week has been reported to have lost access to a bank account with punters' club funds of $194m in it. Firstly - is there a worse term for anyone to be labelled with that 'racing identity'? It ALWAYS ends up meaning shonky crook! Secondly - who the hell has a punters' club with an active bankroll in the tens of millions? It simply can't be done.

About Me

Former Head of Education at Betfair, now in the outside world stirring up controversy, keeping punters informed and doing a bit of consulting and writing. Proud Australian who has been 'visiting' London for a few too many years now. Available for betting editorial, previews and industry comment. Contact me at scottf at journalist.com.Now regularly covering major race meetings and sporting events via guest blogger previews. Keen to have a go? Drop me a line...